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SACCO INDUSTRY WATCH

HOW IFRS-9 WILL CHANGE SACCO
FINANCIALS REPORTING

By Lillian Kiarie

IFRS9 Training for Western region by ICPAK & KUSCCO on 12th - 14th September 2018 at the Vic Hotel, Kisumu.

By December 2018, SACCOs are supposed to It is crucial to note that IFRS-9 carries forward the Scope of
RTALHSSGDHQ?M@MBH@KQDONQSRENKKNVHMFSGD IAS 39 and adds on; an option to include certain contracts that
International Financial Reporting Standard would otherwise be subject to ‘own use’ exemption and certain
(IFRS) enforced by the International Accounting loan commitments and contract assets in respect of impairment
Standards Board (IASB). requirements.

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agricultural companies, breweries, insurance companies, AD@OOKHDCAX@KKDMSHSHDRSN@KKSXODRNE?M@MBH@KHMRSQTLDMSR
LHBQN?M@MBDA@MJRQDS@HKBNLO@MHDR@MCTSHKHSHDRDMSHSHDR
except in various instances. For instance; to those interests in
subsidiaries, associates and joint ventures that are accounted for
However, despite the day drawing near, the concept is yet to in accordance with IFRS 10 Consolidated Financial Statements,
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(SHRHMSGHR IAS 27 Separate Financial Statements or IAS 28 Investments in
D?DBS*42"".O@QSMDQDCVHSG3GD(MRSHSTSDNE"DQSH?DC/TAKHB Associates and Joint Ventures amongst others.
Accountants of Kenya (ICPAK) to train SACCO accountants on
the new standard, IFRS-9.

SACCO Star Magazine[